My wife and I saw "The Hobbit" and found it enjoyable and entertaining. Got us out of the house and helped me clear my mind of all this JW fantasy stuff.
We saw it in 3-D and the effects are quite amazing. We have a 3-D 55" TV at home, so like "Avatar" we will probably see it several times over the next few years - just because it is 3-D.
If you accept it as fantasy in the same way you do a James Bond movie or "guy in loin cloth and a sword takes on a herd of T-rexes, kills them all, isn't scratched or out of breath, and is ready to take on the Transformers from outer space waiting for him around the next corner - then you will enjoy it.
I found in hard to keep all of the various good trolls, dwarfs, elves, bad trolls and assorted other disfigured monsters with unlimited resources straight in my head. You simply have to suspend your beliefs as far as what damage a human/dwarf body can take, how far down a cliff someone can fall without breaking a bone, and how a sword that is less than 3 feet long can decapitate a creature with a neck 10 feet thick. Don't ask questions or let science or reality creep into your movie enjoyment.
Oh, damn!!! Did I just give it all away? Damn me all to hell!!!!!
I guess I'm just getting old...
"Skyfall," on the other hand was totally believable.
JV